DDM Analysis: KIND-SDB.ST

Valuation Snapshot

Stable Growth	$4.21 - $7.43	$5.58
Multi-Stage	$4.13 - $4.51	$4.32
Blended Fair Value	$4.95
Current Price	$9.47
Upside	-47.76%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-10.04%	14.21%	0.34	0.34	0.34	0.00	0.52	0.58	0.33	0.25	0.22	0.14
YoY Growth	-	-	1.09%	-1.74%	0.00%	-100.00%	-10.43%	77.90%	30.74%	15.63%	50.16%	58.67%
Dividend Yield	-	-	3.72%	3.74%	4.11%	0.00%	17.23%	7.36%	3.34%	3.03%	2.73%	3.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	66.40
(-) Cash Dividends Paid (M)	36.80
(=) Cash Retained (M)	29.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.28	8.30	4.98
Cash Retained (M)	29.60	29.60	29.60
(-) Cash Required (M)	-13.28	-8.30	-4.98
(=) Excess Retained (M)	16.32	21.30	24.62
(/) Shares Outstanding (M)	216.98	216.98	216.98
(=) Excess Retained per Share	0.08	0.10	0.11
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.08	0.10	0.11
(=) Adjusted Dividend	0.24	0.27	0.28
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	3.93%	4.93%	5.93%
Fair Value	$4.21	$5.58	$7.43
Upside / Downside	-55.50%	-41.11%	-21.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	66.40	69.67	73.11	76.71	80.49	84.46	86.99
Payout Ratio	55.42%	62.34%	69.25%	76.17%	83.08%	90.00%	92.50%
Projected Dividends (M)	36.80	43.43	50.63	58.43	66.88	76.01	80.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	3.93%	4.93%	5.93%
Year 1 PV (M)	39.12	39.50	39.87
Year 2 PV (M)	41.07	41.87	42.67
Year 3 PV (M)	42.69	43.94	45.21
Year 4 PV (M)	44.01	45.73	47.50
Year 5 PV (M)	45.06	47.27	49.57
PV of Terminal Value (M)	684.70	718.29	753.17
Equity Value (M)	896.66	936.59	977.99
Shares Outstanding (M)	216.98	216.98	216.98
Fair Value	$4.13	$4.32	$4.51
Upside / Downside	-56.36%	-54.42%	-52.40%

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SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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Kindred Group plc (KIND-SDB.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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